GCC: Radiator Market 2024

Radiator Market Size in GCC

The GCC radiator market was estimated at $X in 2022, remaining stable against the previous year. The market value increased at an average annual rate of +2.8% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market reached the maximum level at $X in 2015; however, from 2016 to 2022, consumption stood at a somewhat lower figure.

Radiator Production in GCC

In value terms, radiator production amounted to $X in 2022 estimated in export price. The total production indicated a noticeable expansion from 2012 to 2022: its value increased at an average annual rate of +2.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -0.7% against 2020 indices. The pace of growth appeared the most rapid in 2014 with an increase of 78%. As a result, production attained the peak level of $X. From 2015 to 2022, production growth failed to regain momentum.

Radiator Exports

Exports in GCC

After two years of growth, overseas shipments of radiators for central heating (not electrically heated) decreased by -27.8% to X tons in 2022. Overall, exports, however, saw a buoyant expansion. The pace of growth appeared the most rapid in 2013 with an increase of 2,045% against the previous year. As a result, the exports reached the peak of X tons. From 2014 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, radiator exports fell markedly to $X in 2022. In general, exports, however, continue to indicate a modest expansion. The most prominent rate of growth was recorded in 2013 with an increase of 449% against the previous year. As a result, the exports reached the peak of $X. From 2014 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

In 2022, the United Arab Emirates (X tons) represented the largest exporter of radiators for central heating (not electrically heated), mixing up 83% of total exports. It was distantly followed by Oman (X tons), achieving an 11% share of total exports. The following exporters - Saudi Arabia (X tons) and Bahrain (X tons) - together made up 5.7% of total exports.

From 2012 to 2022, average annual rates of growth with regard to radiator exports from the United Arab Emirates stood at +10.6%. At the same time, Bahrain (+12.0%) and Oman (+5.1%) displayed positive paces of growth. Moreover, Bahrain emerged as the fastest-growing exporter exported in GCC, with a CAGR of +12.0% from 2012-2022. By contrast, Saudi Arabia (-44.4%) illustrated a downward trend over the same period. While the share of Saudi Arabia (+3.9 p.p.) and the United Arab Emirates (+3.2 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Oman (-6.6 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) remains the largest radiator supplier in GCC, comprising 91% of total exports. The second position in the ranking was taken by Oman ($X), with a 4.7% share of total exports. It was followed by Saudi Arabia, with a 3% share.

In the United Arab Emirates, radiator exports increased at an average annual rate of +1.5% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Oman (+4.6% per year) and Saudi Arabia (-41.1% per year).

Export Prices by Country

In 2022, the export price in GCC amounted to $X per ton, picking up by 17% against the previous year. Over the period under review, the export price, however, saw a deep reduction. The most prominent rate of growth was recorded in 2014 when the export price increased by 58%. Over the period under review, the export prices reached the maximum at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while Bahrain ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+5.9%), while the other leaders experienced a decline in the export price figures.

Radiator Imports

Imports in GCC

In 2022, supplies from abroad of radiators for central heating (not electrically heated) was finally on the rise to reach X tons for the first time since 2016, thus ending a five-year declining trend. In general, imports, however, continue to indicate a perceptible descent. Over the period under review, imports hit record highs at X tons in 2013; however, from 2014 to 2022, imports remained at a lower figure.

In value terms, radiator imports surged to $X in 2022. Over the period under review, imports, however, saw a perceptible curtailment. The growth pace was the most rapid in 2013 when imports increased by 97% against the previous year. As a result, imports attained the peak of $X. From 2014 to 2022, the growth of imports remained at a lower figure.

Imports by Country

Saudi Arabia represented the major importer of radiators for central heating (not electrically heated) in GCC, with the volume of imports resulting at X tons, which was near 50% of total imports in 2022. Qatar (X tons) ranks second in terms of the total imports with a 31% share, followed by the United Arab Emirates (7.6%) and Kuwait (6%). The following importers - Oman (X tons) and Bahrain (X tons) - together made up 5.4% of total imports.

From 2012 to 2022, the biggest increases were recorded for Saudi Arabia (with a CAGR of +11.4%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest radiator importing markets in GCC were Saudi Arabia ($X), Qatar ($X) and the United Arab Emirates ($X), with a combined 92% share of total imports.

Saudi Arabia, with a CAGR of +2.8%, recorded the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced a decline in the imports figures.

Import Prices by Country

The import price in GCC stood at $X per ton in 2022, declining by -9.6% against the previous year. In general, the import price, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2020 an increase of 36%. The level of import peaked at $X per ton in 2015; however, from 2016 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was the United Arab Emirates ($X per ton), while Bahrain ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+4.2%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform